Because resources are limited
A) people must make choices.
B) firms will be forced out of business.
C) only the very wealthy can get everything they want.
D) the availability of goods will be limited but the availability of services will not.
A
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A firm's revenue minus its factor payments equals
a. zero. b. the profits or losses earned by the firm. c. the quasi-rents earned by the factors of production. d. the firm's total revenue.
In the non-market-clearing model, "involuntary" unemployment results because
A) real wages are too high. B) real wages rise when aggregate demand increases. C) real wages fall when aggregate demand increases. D) wages and prices are sticky.
Does the political freedom existing in democracies always aid economic growth?
The exchange rate: a. states the price of one currency in terms of another currency
b. is the rate at which one country's money is flowing to a second country. c. is closely related to the concept of comparative advantage. d. is closely related to the concept of absolute advantage.